The Minister in charge of Finance, Dr. Cassiel Ato Forson is set to lay before parliament the bill that will enable the promise to scrap some taxes become a reality on Wednesday, March 12, 2025 hoping it is treated with some urgency.
Dr. Ato Forson in parliament on Tuesday, announced that the government will abolish the Electronic Transaction Levy (E-levy), and the 10% withholding tax on betting, also known as betting tax during the presentation of the 2025 Budget Statement and Economic Policy.
According to him, repelling the said taxes will not be difficult to do, hence, his confidence that parliament can approve them, using the certificate of urgency.
“I can assure you that I’ll do my bit tomorrow, I will submit it to parliament and looking at the urgency involved, I’m hopeful that parliament will take it through the various stages and approve it for us,” he said on Joy New’s PM Express on Tuesday.
He is optimistic that once this is done, President John Dramani Mahama will “sign them immediately”.
The Finance Minister also mentioned that the majority caucus in parliament is strongly in agreement with these repels.
“As for the backing of the NDC majority caucus, we have it, hundred percent,” he said.
Aside scraping of the E-levy, and betting tax, Dr. Forson said the government will also eliminate the emission levy, and the VAT on motor vehicle insurance policies.”
Additionally, Dr Forson revealed plans to scrap the 1.5% withholding tax on processed gold for small-scale miners, a move that is expected to positively impact on the country’s mining sector, particularly its smaller operators.
The elimination of these taxes is expected to help release some financial burden on citizens and overall boost economic activity.
“The removal of these taxes will ease the burden on households and improve their disposable income. It will support business growth and improve tax compliance,” the Finance Minister noted in parliament.